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Thursday, 23 April 2015

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David, we don't mind a swing or two so long as it doesn't leave a mark. Also, the US frackers are fighting off the anti fracking agenda which is being partly financed by Russian oligarchs.

I meant to ask, is there a frackable amount of oil or gas within Britain?

It was assumed, not least by the Saudis, that allowing middle east oil to flow freely would drive the price down to a level which would bankrupt the 'frackers' who were operating on huge amounts of borrowed money.

No, it wasn't. Really, it wasn't. The Saudis simply maintained production (note: they didn't increase production) because it was in their economic interests to do so: had they shut in production they'd have endured lower revenues and not shifted the oil price one jot. The recent price collapse was demand driven, not supply driven.

The Saudis are not in any way in competition with US shale, because their fields are not marginal and Saudi oil doesn't go to US refineries. Venezuela and Nigeria are far more exposed.

I have always thought that oil was just where it is and those who can get it out should sell it to those who can afford it.
The Middle East should be an Oasis of wealth and the people all living in harmony drinking wine and reading the koran however the idiots are killing each other and the oil is still flowing. You have to admire the West. We are a canny bunch of robbers.

Jimmy, that is some fine usage of the English language. I plan to steal your comment, brazenly of course, and display it elsewhere tomorrow.

Oh dear. From so far away it is all so fracking confusing.

:-)

Contrary to popular belief, we already have oilfields in England. One is quite close to our Host's abode; others are in Lincolnshire and Nth Lancs. Rumour contol has it there is much more to be pumped. This by conventional methods, add in fracking and the Duff Rolls will run for centuries!

BOE, we may yet have to address David as "His Lordship" when he becomes an oil baron?

Baron Corporal Duff?

Hmm, not quite the feel I had imagined.

Judging by the noise coming out of my beloved Scotland, there are lots of fracking fields in Falkirk Stirling Cumbernauld Shotts Dumfries Galloway, to name but a few. But will they drill there? Lordy, they have gone insane.
I am sure jimmy can give a better report

"But will they drill there?"

http://www.rigzone.com/news/article.asp?a_id=136972

missred. The SNP are calling for a morotorium which means they would frack but not now as the election is upon us and they hope the Greens will take votes from Labour. Business and jobs usually win in the end so I think fracking will happen. Only the SNP can allow fracking as they have the powers.

Tim, I find myself between a rock - you! - and a hard place - A E-G's article - which reads:

"The paradox of today's oil markets is that global spare capacity is down to half its historical average. The Saudis have their foot to the floor, boosting output by 660,000 b/d over the past month to 10.3m.

PIRA Energy estimates that Saudi spare capacity is falling to 1.7m b/d, a wafer-thin buffer for the world. The market is primed for a sudden spike in prices if anything goes wrong. It is more than ever at the mercy of geopolitical events.

One thing is for sure. If and when prices rebound, US shale is ready to sweep in with lightning speed to snatch yet more market share. Opec has met its match.

Please, darling, don't ask me to choose between you!

And as for the rest of you, what's all this about "Baron Cpl. Duff"? "Baron"? Moi! I will be Viscount Duff of Blogdom, it can only be a matter of time!

Viscount Duff, thank you for the clarification. It helps.

And please bear in mind, all of you, that when it is bestowed the correct form of address will be 'the Right Honourable, the Viscount Duff of Blogdom'. Get it right or you will not be invited to my New Year's Ball to be held this year at Downton Abbey!

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